The Jakarta Composite Index (IHSG) closed Friday’s trading session (20/02) relatively flat, edging down 0.03% to 8,271.77.

Several stocks acted as key drivers of the index, including BBRI which rose 1.86%, AMMN gaining 2.93%, and FILM surging 9.49%. On the other hand, selling pressure was seen in DSSA which declined 2.03%, BYAN fell 2.26%, and BRPT dropped 3.81%.

In terms of fund flows, foreign investors recorded net selling of approximately Rp360.91 billion in the regular market. Nevertheless, the broader market still posted overall net buying of Rp240.52 billion.

Sector-wise, seven out of 11 sectors ended in negative territory. The Consumer Non-Cyclical sector experienced the deepest decline at 1.53%, while the Infrastructure sector emerged as the strongest performer with a 0.92% gain.

The buying activity of global investors also supported the performance of Indonesia-based assets, as reflected in the strengthening of the EIDO ETF and the rise in the MSCI Indonesia index.

From a technical perspective, the IHSG is currently at a crossroads as it is being capped by the daily MA20 resistance level. If the index fails to break above 8,400, there is potential for consolidation with anticipated support around 7,800.

However, if buying momentum pushes the index above that resistance level today, there is a possibility that IHSG will close the gap and continue advancing toward the next resistance level at 8,700.

On the corporate front, Krakatau Steel (KRAS), through its subsidiary Krakatau Pipe Industries, has the opportunity to secure contracts worth approximately Rp4.10 trillion from the National Strategic Project for the Dumai–Sei Mangkei gas transmission pipeline.

The project requires around 83,000 tons of pipes for a 541-kilometer network. With a total investment value of Rp6.30 trillion, roughly 60%–65% of the budget is allocated for pipe materials, all of which will be supplied by the Krakatau Steel group.

Distribution will be carried out in stages via land and sea routes with a capacity of approximately 4,000 tons per shipment. The company aims to complete deliveries this year to ensure that construction by the KSO consortium proceeds according to schedule, targeting completion in 2027 and full operation in 2028.

Meanwhile, Graha Andrasentra Propertindo (JGLE) plans to conduct a capital increase through a rights issue by issuing 8.28 billion new Series B shares at an exercise price of Rp50 per share.

This corporate action has the potential to raise up to Rp414 billion. The majority of the funds will be used to acquire 61.86% of Jungleland Asia shares valued at approximately Rp413.94 billion, while the remainder will be allocated for working capital needs. The plan is still subject to shareholder approval at a meeting scheduled for March 31.

Today’s stock recommendations from Mega Capital Sekuritas:

AMMN - Buy 7800-7850 | TP 8000-8250 | SL 7300
EXCL - Buy 3080-3100 | TP 3200-3300 | SL 2930
ARCI - Buy 1790-1810 | TP 1850-1940 | SL 1705
SMGR - Buy 2970-2990 | TP 3100-3150 | SL 2800
GOTO - Buy 60-61 | TP 63-65 | SL 56